Mnuchin Admits 15 Percent Corporate Rate Unlikely

Mnuchin says considering backdating tax cut to January 1 Would be 'boon&apos to economy

President Donald Trump is "absolutely a Republican", even if he did work with Democrats on a plan to raise the nation's debt ceiling for three months, Treasury Secretary Steven Mnuchin insisted Tuesday.

"I can't speak to the specifics", he said at the CNBC Institutional Investor Delivering Alpha Conference in NY, when asked about the matter.

House Speaker Paul Ryan made similar remarks last week when discussing tax reform and said "the numbers are hard" to achieve a 15 percent rate.

Mnuchin did not give an exact number but rather emphasized that getting tax reform done is much more important.

"Our goal is to get in the mid-to-low 20s, and we think that that's an achievable goal", he said.

Republicans across the board want to lower the corporate rate, which is now 35 percent, as part of tax reform.

However, if the party's bill was passed, Republicans would still face significant difficulties, including how the party would anticipate adjusting the budget in light of the massive amounts of revenue it had just lost to it as a result of the tax cuts.

"The good news is we have over 100 people at Treasury working on this", Mr. Mnuchin said. Eliminating those provisions, in general, would affect high-tax blue states like NY and California.

Economists have long called for a lower corporate tax in the United States, which is the highest among OECD countries.

Mnuchin also said he's considering backdating any tax changes to the beginning of the year, which "would be a big boon for the economy".

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